February 11, 2012

S&P 500 Analysis after closing bell

  • SPX Month continue to stay above the falling resistance line from 2007 High's. But price is yet to take out the horizontal resistance zone between 1360 - 1370 level.
  • Week candle is showing some doubts at the top. candles like these led to a correction as shown on the left side of  the chart. SPX will be weak below 10 week EMA. 
  • Weakness will be first visible in Four hour chart which is yet to happen. Price breaking below the 50 period SMA and the cloud will confirm a sell.

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